The Financial Services Commission of Ontario (FSCO) has amended its Unfair or Deceptive Acts or Practices (UDAP) regulation to ensure fair pricing among insurance company affiliates and their distribution channels. The UADP now requires “affiliated insurers and their agents/brokers to…
Canada’s Competition Act is the main reason why the Insurance Bureau of Canada (IBC) will have nothing to do with the idea of insurers requiring brokers to use a single cost calculator for the purpose of calculating the reconstruction costs…
Having secured Finance Minister Jim Flaherty’s commitment to prevent banks from selling unauthorized insurance on their Web sites, the Insurance Brokers Association of Canada (IBAC) is concerned that banks have already responded by trying to promote insurance on consumer’s cell…
The Insurance Brokers Association of B.C. (IBABC) is collaborating with the province’s public insurer, the Insurance Corporation of British Columbia (ICBC), to introduce ‘Vision 2014,’ a plan to upgrade the public insurer’s technology and change its rating system from a…
The Insurance Brokers Association of Canada (IBAC) is gearing up for the 2012 Bank Act review, urging brokers to get politically involved in advance of the federal government’s mandatory five-year review of the legislation.“We have to be ready to represent…
The Insurance Broker Association of Saskatchewan (IBAS) is concerned about SGI’s proposed 35% reduction in broker commissions for online vehicle renewals.The public insurer has taken the position that online self-service or payment on any other transaction should result in savings…
A claimant does not have to be found to have engaged in fraud in order for a Financial Services Commission (FSCO) arbitrator to determine that the claimant lied about being in an automobile accident.In Azimi v Economical Mutual Insurance Company,…
Social networking will get “a lot more social” over the next three to five years, and the insurance industry should be exploiting media such as Facebook now, before losing an opportunity to become unique trend-setters in this area, according to…
Given predictions of a worker shortage in Canada by 2015, and keeping in mind that Generation Y employees work an average of only four years for one company before moving on, it is especially important for the insurance industry to…
Willis Re is opening an office in Toronto on Sept. 1 to complement Willis Group’s current presence in the city. “Adding an office in Toronto will enable us to build on our success in Canada and offer an enhanced level…
While many experts are predicting successful mergers and acquisitions (M&A) activity in Canada in 2010, for the deals that fail, there is M&A insurance, an AON background paper observes.‘Whether the transaction involves two Fortune 500 companies or a private equity…
Manitoba Public Insurance (MPI) has proposed a 4% overall average rate decrease for auto insurance rates next year. This is in addition to providing customers with a $92-million rebate in the spring. The 12.9% rebate would amount to roughly $115…